bring in quadratic interest rate volatility, etf portfolio manager, nancy davis. landing. by now do you think he might have made a mistake, the fed made a mistake in telegraphing all those rate cuts? >> yeah, definitely. the fed is really backing off of that. they're pivoting from their pivot, right, charles? they're trying to back it off because the data has been really strong. i think regular people still feel a lot of inflation in our day-to-day lives. i think you said it well. it is really a story of the have and have-nots right now. charles: you also mentioned, periodically this word comes up, stagflation, potential of it, maybe bubbling up here, what is it, what would it mean for investors? >> so stagflation is definitely not great for investors. it is a very dirty word. it is essentially, a made-up word that happened in the '70s and '80s when you had high inflation but low growth and stagflation has historically been a disaster, a la, 2022 when both stocks and bonds sold off together. stagflation is bad for code. credit spreads are incredibly tight, when yo